Transwestern Wins 4 MSF Management Gig
- Jun 02, 2011
June 1, 2011
By Barbra Murray, Contributing Editor
Transwestern just landed a big one. The commercial real estate firm has won the management assignment for Cabot Industrial Properties’ nearly 4 million square-foot industrial property portfolio in Florida, a market the firm has targeted for the expansion of its management business.
Transwestern is taking the management responsibilities for the group of 25 assets off the hands of the Central Florida affiliate of commercial real estate services firm Grubb & Ellis Co. The bulk of the portfolio is sited in Broward County and Palm Beach County in South Florida, and the location of the remaining properties is Central Florida, an area of the Sunshine State that is that is a focal point on Transwestern’s radar.
“We are interested in growing our entire property management portfolio,” Walter Byrd, managing director with Transwestern, told CPE. “We do property management very well; we hire really good talent and our property management business stands on its own.” The proof is in the pudding.
“During the economic downturn we continued to grow nationally and statewide,” he noted. “Central and North Florida, we want to continue to grow in those markets, specifically on the management side. We see those areas of Florida as we saw South Florida years ago. We have a critical mass of assets between the industrial and office sides there so it’s a natural place for us to grow our management business, and eventually, our brokerage business.”
While Transwestern most certainly has Central Florida on its expansion agenda, the company, as Byrd points out, already has a notable presence there. In 2009, the firm secured a management assignment from RREEF, the real estate investment management business of Deutsche Bank’s Asset Management division, involving 47 million square feet of industrial and office properties in the Mid-Atlantic, Southern California, the Southwest and the Southeast, including a 3.4 million square-foot industrial portfolio in Florida. In effect, the Cabot agreement has more than doubled Transwestern’s industrial footprint in the state.
Transwestern’s newly enhanced third-party property management activities in Florida have increased the size of the firm’s entire commercial real estate management and leasing portfolio—Transwestern is also overseeing leasing for some of the Cabot properties—to an aggregate 15.8 million square feet. Florida will play a large role in further enhancing the firm’s management side. “There are other announcements coming soon in the office market,” Byrd said. “With the addition of the Cabot business and other new business coming, we’re going to have an even larger critical mass in Florida.”